Prospectus by Investment Company (Form 497)

NATIONWIDE MUTUAL FUNDS

Nationwide Bailard International Equities Fund

Nationwide Global Sustainable Equity Fund

Nationwide International Small Cap Fund

Nationwide Janus Henderson Overseas Fund

Nationwide Strategic Income Fund (formerly, Nationwide Amundi Strategic Income Fund)

Supplement dated September 12, 2025

to the Prospectus dated February 28, 2025

Capitalized terms and certain other terms used in this supplement, unless otherwise defined in this supplement, have the meanings assigned to them in the Prospectus.

Nationwide Global Sustainable Equity Fund

The Fund invests in equity securities of companies located throughout the world, including the United States. The Fund's subadviser normally invests the Fund's assets primarily in common stocks. The Fund typically invests in at least five countries including the United States. The Fund also may invest in emerging market countries. Emerging market countries typically are developing and low- or middle-income countries, and may be found in regions such as Asia, Latin America, Eastern Europe, the Middle East and Africa. Many of the securities in which the Fund invests are denominated in currencies other than the U.S. dollar. The Fund's subadviser normally allocates the Fund's investments across different countries and regions. The Fund nevertheless may have significant investments in one or more countries or particular sectors. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities at the time of investment.

In selecting securities, the subadviser uses a fundamental, bottom-up approach that is based on earnings potential and market mispricings. Investment decisions are driven by deep fundamental and sustainability research. The subadviser seeks to identify companies that it believes will deliver strong forward earnings potential above the level expected by the market, i.e., stocks with positive "growth gaps," which arise when company fundamentals diverge from market expectation due to:

As part of its investment process, the subadviser may evaluate issues such as climate change, environmental performance, labor standards and corporate governance, among others, which they view as important in their assessment of an investment's risk and potential for profitability.

The subadviser may sell a stock if it identifies a more attractive investment opportunity. The subadviser also may sell a stock if it has reached a price target or if the subadviser has lost conviction in its original investment thesis.

ESG integration risk- the environmental, social and governance ("ESG") characteristics that may be evaluated as part of the Fund's investment process, including issues such as climate change, environmental performance, labor standards and corporate governance, among others, are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. The relevance and weightings of specific ESG characteristics to the investment process vary across asset classes, sectors and strategies. ESG characteristics are not the only factors that may be considered in selecting investments and as a result, investments may not have favorable ESG characteristics. While the Fund's subadviser believes that the integration of sustainability analysis into the Fund's investment process has the potential to identify financial risks and potentially contribute to the Fund's long-term performance, there is no guarantee that the integration of ESG analysis will result in better performance. Investors can differ in their views of what constitutes positive or negative ESG characteristics. Further, the regulatory landscape with respect to ESG investing is still developing and the Fund may modify or alter its investment process with respect to ESG integration. Notwithstanding that ESG integration is intended to identify material risks and economic opportunities, changing market conditions could cause the consideration of ESG factors to negatively impact the Fund's performance in certain market cycles or conditions. The subadviser applies certain exclusionary criteria in the management of assets, and the subadviser will not invest on the Fund's behalf in companies involved in the production, stockpiling, transfer and use of cluster munitions, anti-personnel mines or chemical or biological weapons or companies that generate more than 20% of their revenues from thermal coal mining. The exclusionary criteria applied by the subadviser may change from time to time.

Liquidity risk - when there is little or no active trading market for specific types of securities or instruments, it can become more difficult to sell the securities or instruments at or near their perceived value. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities. Liquidity risk also includes the risk that the Fund will experience significant net redemptions of its shares at a time when it cannot find willing buyers for its portfolio securities or instruments or can sell its portfolio securities or instruments only at a material loss. To meet redemption requests, the Fund may be forced to sell other securities or instruments that are more liquid, but at unfavorable times and conditions. Investments in foreign securities tend to have more exposure to liquidity risk than domestic securities.

Schroder Investment Management North America Inc.

The Fund invests in equity securitiesof companies located throughout the world, including the United States. The Fund's subadviser normally invests the Fund's assets primarily in common stocks. The Fund typically invests in at least five countries including the United States. The Fund also may invest in emerging market countries. Many of the securities in which the Fund invests are denominated in currencies other than the U.S. dollar. The Fund's subadviser normally allocates the Fund's investments across different countries and regions. The Fund nevertheless may have significant investments in one or more countries or particular sectors. Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities at the time of investment.

In selecting securities, the subadviser uses a fundamental, bottom-up approachthat is based on earnings potential and market mispricings. Investment decisions are driven by deep fundamental and sustainability research. The subadviser seeks to identify companies that it believes will deliver strong forward earnings potential above the level expected by the market, i.e., stocks with positive "growth gaps," which arise when company fundamentals diverge from market expectation due to:

As part of its investment process, the subadviser may evaluate issues such as climate change, environmental performance, labor standards and corporate governance, among others, which they view as important in their assessment of an investment's risk and potential for profitability.

The subadviser may sell a stock if it identifies a more attractive investment opportunity. The subadviser also may sell a stock if it has reached a price target or if the subadviser has lost conviction in its original investment thesis.

Bottom-up approach- a method of investing that involves the selection of securities based on their individual attributes regardless of broader national, industry or economic factors.

Common stock -securities representing shares of ownership of a corporation.

Emerging market countries - typically are developing and low- or middle-income countries. For purposes of the Fund, emerging market countries are those that are included in the MSCI Emerging Markets^® Index. Emerging market countries may be found in regions such as Asia, Latin America, Eastern Europe, the Middle East and Africa.

Equity securities -represent an ownership interest in the issuer. Common stocks are the most common type of equity securities.

The Fund is subject to the same risks that apply to all mutual funds that invest in equity securities. For instance, the value of the Fund's investments-and therefore, the value of Fund shares-may fluctuate.

In addition, the Fund is subject to COUNTRY OR SECTOR RISK, EMERGING MARKETS RISK, EQUITY SECURITIES RISK, ESG INTEGRATION RISK, FOREIGN SECURITIES RISK, LIQUIDITY RISK, MARKET RISK and SELECTION RISK, each of which is described in the section "Risks of Investing in the Funds" beginning on page 40.

The Fund cannot guarantee that it will achieve its investment objectives. Loss of money is a risk of investing in the Fund.

ESG integration risk- the environmental, social and governance ("ESG") characteristics that may be evaluated as part of the Fund's investment process, including issues such as climate change, environmental performance, labor standards and corporate governance, among others, are anticipated to evolve over time and one or more characteristics may not be relevant with respect to all issuers that are eligible for investment. The relevance and weightings of specific ESG characteristics to the investment process vary across asset classes, sectors and strategies. ESG characteristics are not the only factors that may be considered in selecting investments and as a result, investments may not have favorable ESG characteristics. While the Fund's subadviser believes that the integration of sustainability analysis into the Fund's investment process has the potential to identify financial risks and potentially contribute to the Fund's long-term performance, there is no guarantee that the integration of ESG analysis will result in better performance. Investors can differ in their views of what constitutes positive or negative ESG characteristics. Further, the regulatory landscape with respect to ESG investing is still developing and the Fund may modify or alter its investment process with respect to ESG integration. Notwithstanding that ESG integration is intended to identify material risks and economic opportunities, changing market conditions could cause the consideration of ESG factors to negatively impact the Fund's performance in certain market cycles or conditions. The subadviser applies certain exclusionary criteria in the management of assets, and the subadviser will not invest on the Fund's behalf in companies involved in the production, stockpiling, transfer and use of cluster munitions, anti-personnel mines or chemical or biological weapons or companies that generate more than 20% of their revenues from thermal coal mining. The exclusionary criteria applied by the subadviser may change from time to time.

SCHRODER INVESTMENT MANAGEMENT NORTH AMERICA INC. ("SIMNA INC."), located at 7 Bryant Park, New York, NY 10018, is the subadviser to the Nationwide Schroders Global Equity Fund. Schroders is a registered investment adviser and an indirect, wholly-owned subsidiary of Schroders plc, a global asset management company headquartered in London, England.

Nationwide Schroders Global Equity Fund

Alex Tedder and Frank Thormann, CFA, are jointly and primarily responsible for the day-to-day management of the Fund.

Mr. Tedder is a Portfolio Manager and CIO - Equities. He re-joined the firm in 2014.

Mr. Thormann is a Portfolio Manager for Global and U.S. Large Cap Equity portfolios. He joined the firm in 2017.

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